The BEAR Awakens!

After a much long and at times unbearable wait, Federal Parliament has yesterday passed the Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2018 (BEAR Legislation). The BEAR Legislation amends the Banking Act 1959 to impose accountability, remuneration and notification obligations on authorised deposit-taking institutions (ADIs) and those in directorship and senior management roles within ADIs. These reforms are known as the Banking Executive Accountability Regime (BEAR). The BEAR Legislation reflects earlier comments in Parliament by Treasurer Scott Morrison that the Government wants these reforms to commence on 1 July 2018. Noting the short transitional time period for ADIs to comply, the Explanatory Memorandum suggests that the 1 July 2018 start date will only apply for “large ADIs” whilst “small and medium ADIs” have until 1 July 2019 to implement measures to comply with BEAR. What constitutes a…

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